TaxTMI 
TaxTMI 
2024 (12) TMI 1177
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....2021 (hereafter the impugned certificate) issued by respondent no. 1 (Principal Commissioner of Income Tax-7). The petitioner had filed the return of its income for the Assessment Year (AY) 2012-13, declaring an income of Rs. 13,57,73,250/-. The said return was accepted. However, by a notice dated 29.03.2019, issued under Section 148 of the Income Tax Act, 1961 (hereafter the Act), the said assessment was sought to be reopened under Section 147 of the Act. 2. The Assessing Officer (AO) passed an assessment order under Section 147 read with Section 143 (3) of the Act determining the petitioner's income for the AY 2012-13 at Rs. 16,73,57,840/- after making an addition of Rs. 3,07,39,590/- as undisclosed expenditure under Section 69C of the....
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.... below:- "3. Amount payable by defendant - Subject to the provisions of this Act, where a declarant files under the provisions of this Act on or before the last date, a declaration to the designated authority in accordance with the provisions of section 4 in respect of tax arrear, then, notwithstanding anything contained in the Income-tax Act or any other law for the time being in force, the amount payable by the declarant under this Act shall be as under, namely:- Sl.No. Nature of tax arrear. Amount payable under this Act on 31st day of March, 2020. Amount payable under this Act on or after the 1st day of April, 2020 but on or before the last date. (a) Where the tax arrear is the aggregate amount of disputed tax,....
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....rest or disputed penalty or disputed fee twenty-five per cent of disputed interest or disputed penalty or disputed fee. thirty per cent of disputed interest or disputed penalty or disputed fee: Provided that in a case where an appeal or writ petition or special leave petition is filed by the income-tax authority on any issue before the appellate forum, the amount payable shall be one-half of the amount in the Table above calculated on such issue, in such manner as may be prescribed: Provided further that in a case where an appeal is filed before the Commissioner (Appeals) or objections is filed before the Dispute Resolution Panel by the appellant on any issue on which he has already got a decision in his favour....
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....ner as may be prescribed. (2) Upon the filing the declaration, any appeal pending before the Income Tax Appellate Tribunal or Commissioner (Appeals), in respect of the disputed income or disputed interest or disputed penalty or disputed fee and tax arrear shall be deemed to have been withdrawn from the date on which certificate under sub-section (1) of section 5 is issued by the designated authority." 8. Section 5(2) of the DTVSV Act mandates that the Designated Authority shall, within a period of 15 days from the date of receipt of the declaration, determine the amount as payable by the declarant. Section 5 of the DTVSV Act is reproduced below:- "5. Time and manner of payment - (1) The designated authority shall, withi....
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.... the case may be, has acquiesced in the decision on the disputed issue by settling the dispute." 9. It is also relevant to refer to Rule 7 of the DTVSV Rules. Thus, Rule 7 of the DTVSV Rules expressly provides that the order of the designated authority under sub-Section (2) of Section 5 with respect to the payment of amount made by the declarant as per the certificate granted under sub-section (1) of section 5, shall be in Form No. 5. 10. In terms of Section 5 of the DTVSV Act, the Designated Authority (respondent no. 1) issued a certificate in Form No. 3 dated 16.10.2020 determining the balance amount payable as Rs. 69,56,571/-. Thereafter, the Designated Authority issued a certificate in Form No. 5, in terms of Rule 7 of the Direct ....